Lima, Aug 1 (IANS): The government of new Peruvian President Pedro Castillo will implement an economic policy that will promote private and public investment,Finance Minister Pedro Francke said.

According to Francke, one of the new government's priorities will be job creation, after the Covid-19 pandemic caused around 2.2 million Peruvians to lose their jobs, reports Xinhua news agency.

"We urgently need to recover employment while respecting private property, ensuring the proper functioning of markets, promoting private and public investment," the Minister wrote on Twitter on Saturday.

Francke, an economist from the Pontifical Catholic University of Peru with extensive experience in international banking, also said that the Ministry of Economy and Finance will enact social programs to respond to the needs of vulnerable populations.

The Mnister, who was sworn on July 30, thanked President Castillo for his confidence.

"Peru is at a historic moment; we will act responsibly and within the framework of democracy. I thank President Castillo and Prime Minister Guido Bellido for the trust placed in me.

"We will work hand in hand with the ministerial cabinet," he said.

The Ministry reported that last year, the Peruvian economy fell by 11.1 per cent due to the pandemic, and that the projection for 2021 economic growth is 10 per cent, based on the recovery of international markets.

Castillo, the 63rd President of Peru, took office on July 28 after weeks of uncertainty following defeating his right-wing rival Keiko Fujimori in a hard-fought runoff election.

According to the final election results of the June 6 runoff , Castillo, a former Marxist village schoolteacher, obtained 8,836,380 votes, or 50.12 per cent, while rival Fujimori garnered 8,792,117 votes, or 49.87 per cent, a margin of just 44,263 votes.